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Reliance Securities Report
The Indian rupee depreciated for the third straight session against the U.S. dollar on weighed down by greenback demand from oil companies and fresh long dollar positions amid concerns over a new coronavirus variant.
The rupee ended at 75.10, compared with 74.87 on Friday. The local unit had briefly weakened to an intraday low 75.15 earlier in the session.
Meanwhile, a recovery of the crude oil and the U.S. dollar this late Asian and early European trade on Monday after a big drop on Friday on both fronts also weighed on sentiments.
Meanwhile, U.S. Federal Reserve Chair Jerome Powell said that he continues to expect inflation to recede over the next year as supply and demand come into better balance but the new variant of Covid-19 could disrupt the recovery of global growth and keep inflation higher.
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